By Tawanda Mujeka
Harare, Zimbabwe (News of the South)-In the aftermath of Barclays shedding off a higher than expected share percentage of its African holdings its shares crept higher in early Thursday trading, with the bank topping the list of gainers.
Barclays Plc sold its majority stake in its Zimbabwean operation to Malawi’s First Merchant Bank (FMB), putting an end to months of a fierce bidding war to take over one of the Southern African country’s iconic financial institution.
The results of the sell were imminent on Thursday morning.
The bank added 1.8% after announcing that it had sold off a bigger stake than expected in its African unit.
According to a BBC report the share sale brought in £2.2bn for Barclays and reduces its stake in Barclays Africa to about 15% as the bank refocuses on the UK and US markets.
“Overall, the benchmark FTSE 100 index was up 30.05 points or 0.4% at 7,550”
“On the currency markets, the pound was 0.23% lower against the dollar at $1.2860 and down 0.27% against the euro at 1.1438 euros”, it said.
Local media reports say that Barclays Bank Zimbabwe was established in 1912, and has operated in the country continuously since then, making it a landmark feature on the local financial services landscape.
The bank, listed on the Zimbabwe Stock Exchange (ZSE), has over 1 000 employees and a countrywide network of 38 branches in main urban areas.
Barclays Bank Plc, which held 67,68% shareholding in the local unit, last year announced it was disposing of its African assets, including in Zimbabwe, to focus on British and American markets.
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